General overview for 19/09/2016:
There are two possible scenarios for this time frame: main impulsive scenario and alternative corrective scenario. The main scenario is a typical, impulsive wave progression count and within this count we can see a possible abc irregular flat corrective cycle with invalidation line at the level of 113.81. The alternative scenario indicates a possible triangle structure in wave (b) and within this count the wave e of the triangle is about to complete. Moreover, the market is trading now at the golden trend line support around the level of 114.00, so upward price action is anticipated here as well.
Support/Resistance:
112.92 - WS1
113.81 - Intraday Support
114.00 - Golden Trend Line Support
114.29 - Intraday Resistance
114.49 - Weekly Pivot
115.04 - WR1
116.36 - Local Swing High
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL just below the level of 113.80 and TP open for now.
